MedTechFast growth

Sales have topped £10 million at listed Intelligent Ultrasound.

The company, based in Cardiff, is a provider of technology which speeds up pregnancy scans and makes them more accessible to medical professionals. Its ScanNav product uses AI in real-time review of pregnancy scans.

Intelligent Ultrasound, which featured on our sister publication BusinessCloud’s MedTech 50 ranking last year, said group revenue for the year to 31st December 2022 is expected to have increased by 33% to £10.1m from £7.6m in 2021.

The group’s simulation revenues are expected to have grown by 28% to £9.4m, driven by strong sales in the UK. Overall direct to market sales that combine the UK and US, are expected to have grown by almost 50% to £7.7m. 

However, reseller markets in Europe and Asia are expected to have declined 19% to £1.7m, largely due to the impact of COVID-19 on the Chinese market.

The group’s clinical AI-related revenues are expected to have grown by over 220% to £700,000.

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In November 2022, the firm announced £5.2m from shareholders via a placing and as a result cash at bank as of 31st December 2022 was £7.2m, up from £5m a year earlier.

“This has been another very positive year for the group,” said Stuart Gall, CEO. “We increased group revenue by over 30% and we continued to build our partnership with GE Healthcare, the world’s leading ultrasound company, with the launch of SonoLyst on their Voluson Expert 22 ultrasound machine. 

“As well as this, our ScanNav Anatomy PNB software received FDA De Novo clearance for sale in the US, and we raised over £5m from our shareholders to take the Group to profitability by the end of 2024.

“We are delighted with this significant progress, are well placed to continue on an upward trajectory in 2023, and also remain excited about the long-term potential of our ‘Classroom to Clinic’ business.”

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